Affects Whole Life Policies
Over the years I’ve been asked a number of questions about how Bank On Yourself policies might fare in different economic situations. I hear from people every day who tell me they want to add Bank On Yourself to their financial plan, but they haven’t quite been able to make the leap yet. They worry about what direction the economy is going. They want to see what the political climate will be. They want certainty in an uncertain world.
I don’t have a crystal ball, but let’s take a look at the potential impact various economic conditions might have on Bank On Yourself policies:
• A decline in the dollar: No one knows for sure what direction the dollar will go. The current economic environment can change at any time, and it can turn on a dime, as it has in the past. We’re a global economy, and the actions of other nations impact us and our own economy.
An article from MSN.com’s MoneyCentral on October 13, 2009, reported that when the dollar was taking a beating in 2009, central banks in numerous Asian countries were “actively buying dollars to check its fall against their currencies.” Why would they do that? Because their nation’s exporters “can’t handle a drop in profitability and competitiveness” if the dollar drops too far.
As Bloomberg.com reported on August 24, 2011, “A weak dollar may be one of the bright spots in the U.S. economy, and it could be the gift that keeps giving.” The article spelled out several ways the U.S. benefits from a declining dollar.
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